If the cyclical unemployment rate were 2 percent, then the overall unemployment rate would be _____ percent.
Fill in the blank(s) with the appropriate word(s).
Answer: 7
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A progressive income tax is one that
A) taxes income so that the average tax rate decreases with the level of income. B) taxes all income above the guaranteed minimum at an average rate that decreases with income. C) taxes income so that the average tax rate increases with the level of income. D) taxes income at a constant rate, regardless of the level of income.
All two-dimensional graphs must have an origin, a horizontal axis, and a vertical axis.
Answer the following statement true (T) or false (F)
If a consumer consumes two goods, X and Y, and has indifference curves that are bowed inward, the consumer's optional choice occurs when
a. he consumes the maximum affordable quantity of good X. b. he consumes the maximum affordable quantity of good Y. c. his indifference curve is tangent to his budget constraint. d. his indifference curve lies entirely above his budget constraint.
On average, since 1900 U.S. output has grown by roughly ________ percent per year.
A. 3 B. 9 C. 1 D. 6